Frequently asked questions
Who is eligible to apply for a loan?
As long as you are on Controller and Accountant General’s Departments or other government or private organisations that have partnered with Bayport, you are eligible to apply for a loan with us.
What do I need to get a loan?
It’s simple; all you need is a recent pay slip, any of your national ID’s, a bank statement that shows your income, and two (2) passport sized photographs.
Bayport interest rates appear too high.
- Our target to disburse within thirty (30) minutes of application entails the commitment of resources to put together the necessary infrastructure for speedy delivery.
- As a non-deposit taking institution that borrows from the banking system and other investors to on-lend to our clientele, our charges have to reflect our cost of borrowing.
- Delays in effecting deduction at the employer’s end tend to extend the period of borrowing by up to three (3) months, however, we do not adjust the interest rate charged to the customer to reflect the extra period. This tends to reduce the effective cost of borrowing for the customers.
- We waive the requirement for the customer to provide collateral security in respect of loans issued, which is a precondition to borrow from our competitors, especially money lenders.
- Our interest rates are fixed for the entire duration of the loan, whereas, banks normally operate a variable interest rate. This provides a saving for our customer during periods of increasing interest rates.
- Customers who are unable to meet their loans payment schedule due to terminal ailment or death, do not have their families tasked to pay, compared to other money lenders.
There is a high incidence of over deduction.
- Over deduction is a source of worry for Bayport Financial Service because it affects our operation adversely as much as it affects our customers. However, the problem is not exclusive to Bayport Savings and Loans. It affects all our competitors.
- Where an over deduction occurs, Bayport Savings and Loans endeavors to effect the refund as quickly as possible as long as the customer is not in arrears. However, the restatement of the outstanding loan balance to reflect the refund becomes difficult and tends to delay completion of repayment by the customer. Bayport Savings and Loans is therefore working with its various employer partners to address the problem permanently.
- In a situation where an over deduction has occurred, we recommend that where the customer can afford to, they allow the over deduction to go to offset their loan balance. This will mean early completion of repayment, thus the customer becomes eligible for a new loan earlier than would have been the case.
- In line with our objective of mitigating customer inconvenience where over deductions occur, Bayport Savings and Loans pays out refunds in respect of over deductions to our customers even before the amount deducted is released by the employer to us.
- In order to further reduce the inconvenience created by over deductions,our Customer Service Department is on standby to deal with all customer complaints and queries.
Do I need collateral to get a Bayport loan?
You do not need any collateral for your loan. It’s unsecured.
What can I use my loan for?
We encourage our customers to borrow for the right reasons but you can use your loan for education fees and other income generating ventures.
I am not a civil servant nor is the company I work for approved by Bayport, how do I get a loan?
At the moment you would not get a loan. However, if your organisation has more than 100 employees, Bayport can enter an agreement with your employer to enable you and your colleagues to borrow from us.
How much of loan can I get?
Currently, you can borrow any amount up to GHC 15,000 as long as you meet our affordability criteria.
Is my salary enough to get a loan?
Any salary is enough for a loan as long as you pass our affordability criteria.
Which is your cheapest loan product?
The 60 month product is the cheapest product as you can spread your loan payments over 5 years. However, we offer 1, 3, 6, 12, 24 and 36 month loan products as well for shorter loan payments.
Can I pay my loan early if I want?
It is possible to pay your loan off early. Please call our Customer Service Department on 0302-770991 or our toll free on 0800-10016 (Vodafone only) for further details.
How long does it take for the loan to be disbursed?
You can get your loan instantly after the loan processing procedure at the branch or larger amounts are paid into your bank account within 24 hours.
I’ve heard there are delays in payment of loans into an account.
Delays in loan payments are usually due to documentation issues or provision of incomplete information.
Can my Bayport loan be used to pay off my other loans/debts?
Yes, for loan consolidation purposes, please call our Customer Service Department on 0302-770991 or our toll free number on 0800-10016 (Vodafone only).
Can I increase a current loan amount?
Yes, you can replace your current loan with a higher amount or take a second loan.
If my monthly deductions are more than what was agreed, what should I do?
It is uncommon for this to happen, but if it does, please inform your nearest Bayport branch immediately so as to fix the error.
How do I make a complaint?
Naturally, we pride ourselves on the quality of our service, and the products we offer. However, should you feel you need to make a complaint, please visit your nearest Bayport branch for assistance. Alternatively, you can contact our Customer Service Department on 0302-770991 or on our toll free number on 0800-10016 (Vodafone only)
